Cinemark (NYSE:CNK) Hits New 52-Week High – Here’s What Happened

Cinemark Holdings Inc (NYSE:CNK)’s stock price hit a new 52-week high during mid-day trading on Tuesday. The company traded as high as $41.67 and last traded at $41.49, with a volume of 891,503 shares traded. The stock had previously closed at $40.89.

Analysts Set New Price Targets

CNK has been the topic of several recent research reports. Barrington Research set a $42.00 target price on shares of Cinemark in a research note on Thursday, July 30th. Weiss Ratings upgraded Cinemark from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Zacks Research upgraded shares of Cinemark from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. JPMorgan Chase & Co. boosted their price target on shares of Cinemark from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. Finally, Benchmark increased their price objective on shares of Cinemark from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $39.57.

Cinemark Price Performance

The company’s 50 day moving average price is $37.23 and its 200 day moving average price is $31.73. The company has a market cap of $4.81 billion, a price-to-earnings ratio of 17.82 and a beta of 1.07. The company has a current ratio of 0.94, a quick ratio of 0.81 and a debt-to-equity ratio of 3.13.

Cinemark (NYSE:CNK) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.06. Cinemark had a return on equity of 60.04% and a net margin of 8.13%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the business posted $0.40 earnings per share. Cinemark’s revenue was up 23.5% compared to the same quarter last year. Equities research analysts forecast that Cinemark Holdings Inc will post 2.75 earnings per share for the current year.

Cinemark Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 9th. Investors of record on Wednesday, August 26th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 26th. Cinemark’s dividend payout ratio (DPR) is presently 15.45%.

Institutional Investors Weigh In On Cinemark

A number of large investors have recently added to or reduced their stakes in CNK. GAMMA Investing LLC increased its stake in Cinemark by 7.8% during the third quarter. GAMMA Investing LLC now owns 5,371 shares of the company’s stock valued at $200,000 after acquiring an additional 389 shares during the period. Gabelli Funds LLC lifted its position in shares of Cinemark by 0.5% in the 1st quarter. Gabelli Funds LLC now owns 101,866 shares of the company’s stock worth $2,905,000 after acquiring an additional 490 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Cinemark by 5.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,636 shares of the company’s stock worth $385,000 after acquiring an additional 585 shares during the period. Choreo LLC grew its holdings in shares of Cinemark by 10.9% during the 3rd quarter. Choreo LLC now owns 7,061 shares of the company’s stock worth $263,000 after purchasing an additional 693 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Cinemark by 14.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,613 shares of the company’s stock worth $217,000 after purchasing an additional 951 shares in the last quarter.

About Cinemark

Cinemark Holdings, Inc. operates movie theaters in the United States and Latin America. Its theaters screen feature films and offer related entertainment experiences, including premium large-format presentations and in-theater amenities. The company operates under brands including Cinemark, Century Theatres and Tinseltown. Its services include concessions, advertising, private events and its Cinemark Movie Club subscription program. Cinemark traces its roots to 1984 and is headquartered in Plano, Texas.